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Mortgage holidays extended for up to six months

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    #31
    Mortgages bailouts are the new stock market bailout. House prices are going to the moon if you don't have to pay the mortgage off!


    The 2008 stock market crash was triggered by subprime lending and underestimating the risk of that 1 in a 100-year event. Well here it is and the government are bailing out the banks again by paying off those subprime loans.
    Last edited by BlueSharp; 2 November 2020, 14:33.
    Make Mercia Great Again!

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      #32
      Landlords (and house owners) should be grateful Govt is all in to prevent residential property crash everything* is overprice by at least 50%


      * apart from luxury bedsits in Bham

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        #33
        2020 covid
        2021 bank and house price crash and brexit
        2022 USA war with China once the war loving Dems get in

        Hopeful I things will be back to normal by 2030.
        Last edited by BlueSharp; 2 November 2020, 15:01.
        Make Mercia Great Again!

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          #34
          Originally posted by BlueSharp View Post
          Mortgages bailouts are the new stock market bailout. House prices are going to the moon if you don't have to pay the mortgage off!
          Who is betting on negative interest rates at some point in the future as well? It's not unheard of on the other side of the channel.

          This covid mess and debilitating financial from '08 is not going to fix itself with time, we'd either have a bubble burst and harsh depression or a paradigm shift towards low/negative interest rates & high inflation -> inflations erodes the credit of the "haves" while the have nots work harder and push the system back to equilibrium. Or some sort of it.

          I think that mortgage holidays were a bad idea. That eviction ban is actually bad for the tenant as it helps the system not correct, rents staying high and people getting in financial difficulty.
          If you are 6m in arrears you will not be able to pay that soon. How many people afford to pay even double their rent one month?
          It is a deliberately biased system to favour the haves and burden the have nots.

          A new norm with people defaulting on their oversized loans, renters just breaking contracts and moving with family but if that brings more affordable prices and it stays close to capitalism/ it's values, might have been a better approach.

          And maybe working class could have afforded a 1 bed apartment at £600pcm in a dinky city not pay 1100 and support the drinking habits of a semi-conscious old fart.
          Last edited by GigiBronz; 2 November 2020, 14:42.

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            #35
            Where are the charts!?
            And the lord said unto John; "come forth and receive eternal life." But John came fifth and won a toaster.

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              #36
              Originally posted by BlueSharp View Post
              Mortgages bailouts are the new stock market bailout. House prices are going to the moon if you don't have to pay the mortgage off!
              Again, where is this mortgage bailout?

              If your argument is something along the lines of "loans go bad because people can't pay -> UK govt takes a hit because it has stake in some UK banks", then that is too tenous for me.

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                #37
                Originally posted by scooterscot View Post
                Madness.

                If you can't afford to pay for your home - move. Why is the tax payer stepping in? A mortgage is a private contract between individual and the bank, nothing to do with the state.

                Effectively the state is taking an equity position in your home.

                Mortgage holidays extended for up to six months - BBC News
                Reading the small print, the tax payer is not stepping in. the borrow has to pay accumulated interest on the outstanding amount ie interest upon interest. The borrower has to pay the outstanding amount at the end of six months. However, the borrower may come to a repayment agreement with the lender but this is not guaranteed. There will be a lot of mortgage repossessions at the end of the term. Be ready for a 20 year Brexit and covid recession.
                "A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell

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                  #38
                  Originally posted by mattster View Post
                  Again, where is this mortgage bailout?

                  If your argument is something along the lines of "loans go bad because people can't pay -> UK govt takes a hit because it has stake in some UK banks", then that is too tenous for me.
                  Bailing out the sub-prime borrowers who otherwise would have been unable to pay their mortgages. We are living in a new norm, the vaccine is not going to wipe it out, best case scenario is it ends up like the flu vaccine and is updated every few years.
                  Last edited by BlueSharp; 2 November 2020, 15:04.
                  Make Mercia Great Again!

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                    #39
                    Originally posted by BlueSharp View Post
                    Bailing out the sub-prime borrowers who otherwise would have been unable to pay their mortgages. We are living in a new norm, the vaccine is not going to wipe it out, best case scenario is it ends up like the flu vaccine and is updated every few years.
                    This isn't happening.

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                      #40
                      the have or have nots won't have any work if we carry on like this.
                      Always forgive your enemies; nothing annoys them so much.

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